Luxury electric vehicle manufacturer Lucid Group has unveiled a cheaper version of its Air Pure sedan in an effort to boost demand. Priced at USD 77,400, the rear-wheel drive vehicle is more expensive than Tesla's Model S luxury sedan, which starts at USD 75,000. The new Lucid model offers a range of 410 miles on a full charge. The company, backed by Saudi Arabia's Public Investment Fund, recently opened its first overseas production factory in the country. Lucid's shares have fallen 19% this year.